# Taikisha Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第81期(2025/04/01－2026/03/31) (S100YCPQ)
> Page: https://vizora.meequs.com/en/company/taikisha
> Retrieved: 2026-09-30T20:18:16.490Z

## Company

Taikisha, founded in 1913, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 5,525 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Taikisha Ltd. |
| Ticker | 1979 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1979.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿八丁目17番1号 |
| Representative (per filing) | 代表取締役社長 長田雅士 |
| Founded | Apr 1913 |
| Share capital | ¥6.46B |
| Employees (consolidated) | 5,525 |
| Average salary (parent only) | ¥11.6M |
| Fiscal year end | March |
| Website | www.taikisha.co.jp (https://www.taikisha.co.jp/) |
| Corporate number | 7011101011812 |
| EDINET | E00183 |
| Industries (Vizora) | Plant Engineering & Building Services, Industrial Machinery |

> Profile source: annual securities report (S100YCPQ, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.6 | 72 |
| Profitability | 41.4 | 76 |
| Cash conversion | 99.3 | 74 |
| Efficiency | 55.9 | 76 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 64% of Taikisha's sales come from Environment system, with Painting system making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +3.6% from the prior year, operating profit +29.8%.

## Company structure

- Segment revenue mix: Environment system 64.0%、Painting system 36.0%
- Revenue → net income: ¥286127000000 → ¥17351000000
- Net income → operating cash flow: ¥17351000000 → ¥64700000000（difference ¥47349000000）
- Main uses of operating cash flow: CapEx ¥2077000000 / dividends ¥5285000000 / buybacks —
- Change in cash: ¥44345000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥286.1B |  |
| Operating income | ¥23.3B | Margin 8.2% |
| Net income | ¥15.6B | Margin 5.5% |
| Free cash flow | ¥62.6B |  |
| Largest business | Environment system | of segment revenue 64.0% |
| Employees (consolidated) | 5,525 |  |
| EPS | ¥273.11 |  |
| Book value per share | ¥2030.1 |  |
| Equity ratio | 56.1% |  |
| Shares outstanding | 63,464,000 |  |
| Treasury shares | 45,400 |  |
| Shareholders | 4,739 |  |
| Average salary (parent only) | ¥11.6M | Filing company only |
| Cash ratio | 30.1% | Cash ÷ revenue 30.2% |
| Vs. industry median margin | -0.9 pp | Plant Engineering & Building Services |
| ROE | 12.4% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.1× net income
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥202548000000 | ¥286127000000 | +41.3% |
| Operating income | ¥11690000000 | ¥23320000000 | +99.5% |
| Operating margin | 5.8% | 8.2% | +2.4 pp |
| Employees | 5,042 people | 5,525 people | +9.6% |
| Cash and equivalents | ¥50670000000 | ¥86359000000 | +70.4% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 環境システム事業 → 環境システム事業 | 64.0% |
| 環境システム事業 → 事業再編・廃止 | 2.2% |
| 塗装システム事業 → 塗装システム事業 | 33.8% |
| 新設・再編 → 塗装システム事業 | 2.2% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 286,127 | 100.0% | S100YCPQ |
| Cost of revenue | 230,867 | 80.7% | S100YCPQ |
| Gross profit | 55,259 | 19.3% | S100YCPQ |
| SG&A | 31,938 | 11.2% | S100YCPQ |
| Operating income | 23,320 | 8.2% | S100YCPQ |
| Ordinary income | 24,790 | 8.7% | S100YCPQ |
| Pretax income | 25,474 | 8.9% | S100YCPQ |
| Income tax | 8,122 | 2.8% | S100YCPQ |
| Net income | 17,351 | 6.1% | S100YCPQ |
| Net income attributable to owners | 15,594 | 5.5% | S100YCPQ |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 11 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 19.3% → Operating margin 8.2% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.6%; Core profit growth: +29.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.29×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 276,212 | 286,127 | 9,915 | +3.6% |
| Gross profit | 45,005 | 55,259 | 10,254 | +22.8% |
| Operating income | 17,971 | 23,320 | 5,349 | +29.8% |
| Net income attributable to owners | 11,026 | 15,594 | 4,568 | +41.4% |
| Operating cash flow | -21,219 | 64,700 | 85,919 | — |
| Free cash flow | -25,172 | 62,623 | 87,795 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 225,378 | 15,439 | 6.9% | 9,132 | 21,386 | 19,300 | S100LGFP |
| FY ending Mar 2021 | 202,548 | 11,690 | 5.8% | 8,279 | 973 | -1,297 | S100OEGI |
| FY ending Mar 2022 | 209,261 | 9,428 | 4.5% | 7,248 | -8,544 | -10,858 | S100QW3L |
| FY ending Mar 2023 | 214,793 | 11,556 | 5.4% | 7,917 | 4,806 | 2,630 | S100TTNY |
| FY ending Mar 2024 | 293,556 | 18,270 | 6.2% | 15,602 | 20,738 | 16,853 | S100W55I |
| FY ending Mar 2025 | 276,212 | 17,971 | 6.5% | 11,026 | -21,219 | -25,172 | S100YCPQ |
| FY ending Mar 2026 | 286,127 | 23,320 | 8.2% | 15,594 | 64,700 | 62,623 | S100YCPQ |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.8M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥2.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,079 | 4,890 | 5,031 | 5,267 | 5,525 |
| Average salary (parent company) | ¥10.3M | ¥9.7M | ¥10.7M | ¥11.8M | ¥11.6M |
| Average age (parent company) | 42.7 years | 42.5 years | 42.5 years | 42.3 years | 42.0 years |
| Average tenure (parent company) | 16.3 years | 16.0 years | 15.9 years | 15.7 years | 15.2 years |

Year over year: Employees (consolidated) +4.9% · Revenue (consolidated) +3.6%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Environment system | 183,043 | 64.0% | 20,820 | 11.4% |
| Painting system | 103,084 | 36.0% | 4,365 | 4.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Environment system | 64.0% |
| Painting system | 36.0% |

Segment → industry: Painting system → Plant Engineering & Building Services / Environment system → Plant Engineering & Building Services / Painting system → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 64,700 | 22.6% | S100YCPQ |
| Capital expenditure | 2,077 | 0.7% | S100YCPQ |
| Free cash flow | 62,623 | 21.9% | 算出 |
| Investing cash flow | 748 | 0.3% | S100YCPQ |
| Financing cash flow | -23,475 | -8.2% | S100YCPQ |
| Dividends paid | 5,285 | 1.8% | S100YCPQ |
| Change in cash | 44,345 | 15.5% | S100YCPQ |
| Cash and equivalents | 86,359 | 30.2% | S100YCPQ |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 48,791 | 43,946 | 63,265 | 42,013 | 86,359 | S100TTNY, S100W55I, S100YCPQ |
| Total assets | 228,159 | 237,105 | 266,494 | 268,448 | 286,820 | S100QW3L, S100TTNY, S100W55I, S100YCPQ |
| Net assets | 130,788 | 131,992 | 151,562 | 156,486 | 170,232 | S100TTNY, S100W55I, S100YCPQ |
| Share capital | 6,455 | 6,455 | 6,455 | 6,455 | 6,455 | S100QW3L, S100TTNY, S100W55I, S100YCPQ |
| Property, plant and equipment | 11,243 | 8,557 | 11,694 | 13,742 | 13,549 | S100QW3L, S100TTNY, S100W55I, S100YCPQ |
| Intangible assets excluding goodwill | 7,381 | 5,929 | 5,949 | 1,947 | 2,305 | S100QW3L, S100TTNY, S100W55I, S100YCPQ |
| Goodwill | 3,966 | 3,640 | 3,528 | 715 | 970 | S100QW3L, S100TTNY, S100W55I, S100YCPQ |
| Investment securities | 29,605 | 26,487 | 30,879 | 26,324 | 32,939 | S100QW3L, S100TTNY, S100W55I, S100YCPQ |
| Current assets | 168,190 | 184,467 | 203,374 | 210,935 | 217,365 | S100QW3L, S100TTNY, S100W55I, S100YCPQ |
| Current liabilities | 81,886 | 95,940 | 103,504 | 101,030 | 102,139 | S100QW3L, S100TTNY, S100W55I, S100YCPQ |
| Short-term borrowings | 15,535 | 2,942 | 3,747 | 13,200 | 1,247 | S100QW3L, S100TTNY, S100W55I, S100YCPQ |
| Long-term borrowings | 5,605 | 98 | 143 | 116 | 35 | S100QW3L, S100TTNY, S100W55I, S100YCPQ |
| Total liabilities | 97,371 | 105,112 | 114,932 | 111,962 | 116,587 | S100QW3L, S100TTNY, S100W55I, S100YCPQ |
| Non-controlling interests | 6,092 | 6,201 | 7,532 | 8,433 | 9,256 | S100QW3L, S100TTNY, S100W55I, S100YCPQ |
| Equity attributable to owners of parent | 108,862 | 109,133 | 118,974 | 123,528 | 128,853 | S100QW3L, S100TTNY, S100W55I, S100YCPQ |
| Retained earnings | 99,893 | 100,296 | 111,869 | 118,270 | 119,768 | S100QW3L, S100TTNY, S100W55I, S100YCPQ |
| Treasury stock | -2,544 | -1,158 | -2,969 | -4,969 | -1,057 | S100QW3L, S100TTNY, S100W55I, S100YCPQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YCPQ |
| Property, plant and equipment | 5% | S100YCPQ |
| Intangibles and goodwill | 1% | S100YCPQ |
| Investment securities | 11% | S100YCPQ |
| Other assets | 53% | S100YCPQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100YCPQ |
| Equity | 59% | S100YCPQ |
| Other liabilities | 0% | S100YCPQ |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 228,159 | 237,105 | 266,494 | 268,448 | 286,820 |
| Equity | 130,788 | 131,992 | 151,562 | 156,486 | 170,232 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 48,791 | 43,946 | 63,265 | 42,013 | 86,359 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 4.7% | S100YCPQ |
| Fixed assets ÷ total assets | 4.7% | S100YCPQ |
| Goodwill ÷ parent equity | 0.8% | S100YCPQ |

Goodwill over 4 years: 3,966 → 970 JPY; total investing cash flow: -4,905 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 30.1% |
| Cash ÷ revenue | 30.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 277.4% |
| Cash vs. profit gap | 49,106 JPY mn (of net income 314.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.9% |
| Shareholder payments — dividends / FCF | 8.4% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 1.2% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.5% | 0.92× | 3.2% | 2.10× | 6.7% | S100QW3L |
| 2023 | 3.7% | 0.92× | 3.4% | 2.13× | 7.3% | S100TTNY |
| 2024 | 5.3% | 1.17× | 6.2% | 2.21× | 13.7% | S100W55I |
| 2025 | 4.0% | 1.03× | 4.1% | 2.21× | 9.1% | S100YCPQ |
| 2026 | 5.5% | 1.03× | 5.6% | 2.20× | 12.4% | S100YCPQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口)(注３) | Major shareholder | 12.1% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口)(注４) | Major shareholder | 6.4% | 2026-03-31 |
| 株式会社建材社 | Major shareholder | 5.2% | 2026-03-31 |
| 大気社社員持株会 | Major shareholder | 3.9% | 2026-03-31 |
| 住友不動産株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社ルフトツヴァイ | Major shareholder | 3.1% | 2026-03-31 |
| 大気社協力会社持株会 | Major shareholder | 3.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.7% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） (常任代理人株式会社三菱ＵＦＪ銀行) | Major shareholder | 2.5% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１(常任代理人株式会社みずほ銀行) | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100YCPQ | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCPQ,, |
| 有価証券報告書－第80期(2024/04/01－2025/03/31) | S100W55I | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W55I,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TTNY | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTNY,, |
| 有価証券報告書－第78期(2022/04/01－2023/03/31) | S100QW3L | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QW3L,, |
| 有価証券報告書－第77期(令和3年4月1日－令和4年3月31日) | S100OEGI | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEGI,, |
| 有価証券報告書－第76期(令和2年4月1日－令和3年3月31日) | S100LGFP | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LGFP,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).